20 Feb 2015
USD/JPY: First key resistance at 119.40 - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair surged to a daily high of 119.17, finding sellers at a short term descendant trend line coming from last week high of 120.47.
Key Quotes:
"The pair is having a hard time to regain the 119.00 figure, albeit the downside remained limited by the hourly 100 SMA. Technically, the 1 hour chart shows that the price is trapped between its 100 and 200 SMAs, while the Momentum indicator stands flat right above 100 and the RSI loses strength around 53."
"In the 4 hours chart the bias is neutral, as the technical indicators are hovering around their mid-lines. The lower highs daily basis suggest the pair can resume its decline, particularly with a break below 118.25, the area that has been attracting buying interest ever since breaking above it during the last Feb 6."
"Above 119.40 on the other hand, the pair has scope to retest the 120.00 figure and even beyond, towards the 120.40 price zone."
Key Quotes:
"The pair is having a hard time to regain the 119.00 figure, albeit the downside remained limited by the hourly 100 SMA. Technically, the 1 hour chart shows that the price is trapped between its 100 and 200 SMAs, while the Momentum indicator stands flat right above 100 and the RSI loses strength around 53."
"In the 4 hours chart the bias is neutral, as the technical indicators are hovering around their mid-lines. The lower highs daily basis suggest the pair can resume its decline, particularly with a break below 118.25, the area that has been attracting buying interest ever since breaking above it during the last Feb 6."
"Above 119.40 on the other hand, the pair has scope to retest the 120.00 figure and even beyond, towards the 120.40 price zone."